Welcome to Ask Clark, a column designed to answer your financial questions, by money expert Clark Howard.
We’ve Bought Some Land, but Construction Costs Are High. Should We Wait To Build?
Nancy asks: “My husband and I have purchased land. Should we wait to build in this crazy time of high cost and unavailable materials or jump right in and hope our equity increases?”
Clark’s Take on Whether You Should Wait To Build
Clark says: Due to rising construction costs, including skyrocketing lumber prices, “I’d give it a little bit of time.”
“You have the land already,” Clark adds. “Just give it a little bit of time. We go through these phases in real estate, and I think you’ll find that your cost of materials … and the rest will moderate and become more reasonable over time.”
To hear Clark’s full take on this question, listen to the segment:
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